sqa said:I think your chart needs to zoom out a little.
Source: http://www.thinkforex.com/market-analysis/traders-corner/2014/07/28/back-to-the-futures-volume-and-cots-analysis/#.U9XnmGOLXaoA reduction of Net Longs on CFTS data along with an increase of bearish volumes on the Futures last week does leave room for further losses this week for GBP pairs. Open interest however also saw a reduction so I still suspect that current losses are corrective and GBP will resume its bullish structure soon enough.
Peterma said:Here's a little thing about cable. Some time ago there was this 'fly on the wall' interview with a bank trader in London.
Early morning, on the train, there was only 2 numbers he needed to know, the high and low of the Asian.
So tomorrow morning, there is cable news, may be GBP negative, so watch where the 'kick off' point is in price.
BTW 6771 was that point today on the way up, it is a level that ICT talked about in a few of his videos.
Edit: should say that often it doesn't matter in which direction, still the same level.
GdayFx said:I went long the Asia Elephant ...
AusDoc said:Oh ok, I'll just ask. "Asia Elephant"... just a timing reference?
sqa said:I was expecting it was some Aussie slang. I've got 0 clue. ;D